Shopify invests in Single music commerce app
Music commerce app Single has secured an investment from online shopping services platform Shopify.
The company also launched tokenized commerce and content features on its app.
Single, headquartered in Nashville, was founded in 2016 by Tommy Stalknecht as a collection of music specific toolsets for online stores. The company handles merchandise and record sales, sales reporting, ticketing, hosting live concerts, and more.
As of July 2022, Single claims to have worked with over 3,000 artists and labels, and recorded over 20 million record sales, shipped over 5 million digital albums, and hosted over 500 live stream events with approximately 1 million of tickets sold.
Single’s clients include Live Nation and EMPIRE, among others.
The company has also worked with artists such as Juice WRLD, Travis Scott and Harry Styles.
With the release of token-gated content and commerce for the Single app on Shopify, Single claims that “within minutes” a creator can upload any file to the single platform to mint it as a NFT on the Solana blockchain.
The company says it can then push it directly to its Shopify storefront to be purchased by fans alongside their existing merchandise.
Following the purchase of an NFT, fans can use their NFT as a “digital key” to access exclusive creator offers such as merchandise, audio or video content, live streams, and more.
By integrating Web 3.0 functionality into its Shopify app, Single claims to “empower creatives, artists, and musicians to engage with their fans in new ways and unlock innovative commerce experiences.”
“Web 3.0 is having a huge impact on the broader ecosystem of creators, especially in music, but the comments I hear most often are that NFTs have no intrinsic value in themselves- same.”
Tommy Stalknecht, single
Founder and CEO of Single Tommy Stalknecht said, “Web 3.0 is having a huge impact on the wider ecosystem of creators, particularly in the music space, but the comments I hear most often are that NFTs have no intrinsic value in themselves.
“A better way to think of tokengating is to compare it to a fan club. A fan purchases an NFT through a creator’s Shopify storefront, giving them access to exclusive offers and experiences only other NFT owners have access to.
“Put simply, we let artists create NFTs that actually do things [and] that unlock a specific tangible value.
“Token Commerce offers creators the ability to engage with their true fans by unlocking unique commerce experiences through NFTs.”
Chevy Walcott, Shopify
Chevy Walcott, Head of Business Development at Shopify, added, “Token commerce gives creators the ability to engage with their true fans by unlocking unique commerce experiences through NFTs.
“Shopify views NFTs as tools for community building and engagement.
“The launch of Single’s new…features in their Shopify app is helping more merchants unlock engaging new commerce experiences. Our investment in Single and our growing blockchain ecosystem demonstrate our commitment to further increasing participation in Web 3.0 and expanding business opportunities for creatives, artists and musicians.
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